PROBLEM 1: (CPAR Final Preboards October 2015 – Auditin Proble!s" The cash account of SERAPH COMPANY shows the following activities:
Date Nov# $% Dec ) # & , ' ) % ) , $ , $ ,
Debit "alance Nove*be ban+ chages Nove*be ban+ ce!it fo notes eceivable collecte! NS/ chec+
P$%(%%%
1oan 2ocee!s
,&'('%%
Dece*be ban+ chages
Ce!it P,'%
"alance P$&'(%%% $&&(-'%
$(0%%
$.&(-'% $.%(0'% ',3(&'%
,-%
Cash ecei2ts boo+
)(,),(0% %
Cash !isbuse*ents boo+
',3().% )(3$-(,.%
,())&(%% %
,(&,&(,.%
CA#$ BOO%#
Date Dec# , ) $ & ' 0 ,% ,, ,) ,' ,3 ,. ,,0 )) )$ )$ )$ )3 )))0 )0 )0 Totals
RECE&P'# OR No# ,,%4,)% ,),4,$3 ,$.4,'% ,',4,3' ,334,0% ,0,4),% ),,4)$) )$$4)'% )',4).' ).34$%% $%,4$%0 $,%4$'% $',4$0% $0,4&)% &),4&-% &-,4'%% '%,4')' 4 4 ')34''' ''343,, 4 3,)43$% 4 4
A*ount P$$(%%% 3$(0%% 3%(%%% ,3-(%%% ,,.(%%% ,0-(%%% )3&(%%% )$,(%%% 3$(%%% 0%(%%% ,3'(%%% )&(%%% '.(%%% ).(%%% ',(%%% 3$(%%% 03(%%% 4 4 )))(%%% ,'(%%% 4 ,,&(%%% 4 4 )(,),(0%%
PAME)'# Chec+ No# A*ount -%, P3(%%% -%) 0(%%% -%$ $(%%% -%& 0(%%% -%' $3(%%% -%3 '.(%%% -%. .-(%%% -%0%(%%% -%0 ,-$(%%% -,% ),(%%% -,, )&(%%% -,) &-(%%% -,$ 3%(%%% -,& 33(%%% -,3 ,%-(%%% -,. $$(%%% -,,'%(%%% -,0 ),(%%% -)% ,)(%%% -), 0(%%% -)) $3(%%% -)$ $0(%%% -)& -.(%%% -)' 3(%%% -)3 $$(%%% ,())&(%%%
BA)% #'A'EME)'
Date Dec# , ) $ & ' 0 ,% ,, ,) ,' ,3 ,. ,,0 )) )$ )$ )$ )3 )))0 )0 )0 Totals
Chec+ .0) -%) 4 -%& EC -%' CM ,3 .00 DM '. -%-%$ -%0 DM 3, -,$ CM )% -,' -,3 -,, -%, -,& -,DM ,,) -), CM $3 -)%
Chages P.('%% 0(%%% 4 0(%%% )&$(%%% $3(%%% 4 ),(,'% $(0%% 0%(%%% $(%%% ,-$(%%% ,-% 3%(%%% 4 ,-(%%% ,%-(%%% )&(%%% 3(%%% 33(%%% ,'%(%%% $3% 0(%%% 4 ,)(%%% ,(%'0(%0%
Ce!its P)'('%% $$(%%% 3$(0%% 3%(%%% )&$(%%% )-'(%%% $3(%%% &3)(%%% )$,(%%% 3$(%%% 4 )''(%%% )&(%%% '.(%%% ,&'('%% 4 ,&,(%%% 4 4 03(%%% )))(%%% 4 ,'(%%% $3(%%% 4 )(&0$(0%%
Additional information: ,# DMs 3, an! ,,) ae fo sevice chages# )# EC is eo coecte! $# DM '. is fo an NS/ chec+# &# CM )% is fo loan 2ocee!s( net of P&'% inteest chages fo 0% !a5s# '# CM ,3 is fo the coection of an eoneous Nove*be ban+ chage# 3# CM $3 is fo custo*es6 notes collecte! b5 ban+ in Dece*be# .# "an+ balance on Dece*be $, is P,(..3(-,%# Based on the preceding information, determine the following: 1* Outstandin c+ec,s at )o-e!ber .0* 2* Outstandin c+ec,s at /ece!ber .1* .* /eosit in transit at )o-e!ber .0* * /eosit in transit at /ece!ber .1* 5* Adusted boo, balance at )o-e!ber .0*
3* * 6* 7*
Adusted ban, receits 4or t+e !ont+ o4 /ece!ber* Adusted boo, disburse!ents 4or t+e !ont+ o4 /ece!ber* Adusted ban, balance at /ece!ber .1* 8nadusted ban, balance at )o-e!ber .0*
PROBLEM 2: The following info*ation was obtaine! in connection with the au!it of 7 Co#6s cash account as of Dece*be $,( )%,3:
Outstan!ing chec+s( Nov# $%( )%,3 Outstan!ing chec+s( Dec# $,( )%,3 De2osit in tansit( Nov# $%( )%,3 Cash balance 2e geneal le!ge( Dec# $,( )%,3 Actual co*2an5 collections fo* its custo*es !uing Dece*be Co*2an5 chec+s 2ai! b5 ban+ in Dece*be "an+ sevice chages eco!e! on co*2an5 boo+s in Dece*be "an+ sevice chages 2e Dece*be ban+ state*ent De2osits ce!ite! b5 ban+ !uing Dece*be Nove*be ban+ sevice chages eco!e! on co*2an5 boo+s in Dece*be
P,3()'% ,)('%% ,)('%% $.('%% ,')('%% ,$%(%%% )('%% $()'% ,&'(%%% ,('%%
The cash ecei2ts boo+ of Dece*be is un!efoote! b5 P)('%%# The ban+ eoneousl5 chage! the co*2an56s account fo a P$(.'% chec+ of anothe !e2osito# This ban+ eo was coecte! in 8anua5 )%,.# 1* 2* .* * 5* 3* * 6* 7* 10*
$o9 !uc+ is t+e deosit in transit on /ece!ber .1 2013; '+e total unrecorded ban, ser-ice c+ares as o4 /ece!ber .1 2013 is< =+at is t+e total boo, receits in /ece!ber; =+at is t+e total a!ount o4 co!an> c+ec,s issued in /ece!ber; =+at is t+e total boo, disburse!ents in /ece!ber; =+at is t+e boo, balance on )o-e!ber .0 2013; =+at is t+e ban, balance on )o-e!ber .0 2013; =+at is t+e total ban, receits in /ece!ber; =+at is t+e total ban, disburse!ents in /ece!ber; =+at is t+e ban, balance on /ece!ber .1 2013;
PROBLEM 1 Answers: 1. P28,650 2. P459,000 3. P25,500 4. P114,000 5. P374,850 6. P2,303,400 7. P1,246,440 8. P1,431,810 9. P342,000 PROBLEM 2 Answers: 1. P20,000 2. P2,250 3. P150,000 4. P126,250 5. 128,750 6. P16,250 7. P18,500 8. P145,000 9. P137,000 10.P26,500
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